Consequence of change of circumstan If, after the contract and before the conveyance, circus any accident happens to the property so that its conveyance. Value is deteriorated, the loss must fall upon the contract and purchaser. To give an example: if houses are From the date of the contract the vendee is, as between himself and the vendor, considered in equity the owner of the property, whilst he is under a personal liability for the payment of the purchase money. b affected by of vendor or purchaser. A contract for sale is not affected by the bank- Contract not ruptcy of the vendor or purchaser, and on the bankruptcy of the purchaser, if the assignees do not elect to abide by the agreement, the vendor is empowered to apply to the Court by petition for the delivery up of the agreement and possession of the premises. (12 & 13 Vict. c. 106. s. 146). of either A binding contract for sale is not avoided by the Nor by death death of either party, and although the legal estate party. might be devised by the vendor's will, the purchaser has in equity a devisable interest under the contract. contract for purchase or sale on general devises. A general devise includes lands contracted to be Operation of purchased after the date of the will, which now speaks from the testator's death, and the heir or devisee is not only entitled to the estate, but can require the unpaid purchase money to be discharged out of the personal estate of the deceased (3 P. Wms. 224; Sug. Conc. V. & P. 133); but if the contract is not binding on the testator, or the title is altogether defective, the devisee or heir would not be entitled to the money contracted to be paid for the estate. (Broome v. Monck, 10 Ves. 597). On the other hand, a binding contract entered into for the sale of an estate revokes a previous devise, and the personal representatives would be entitled to the purchase money as part of the testator's personal estate. (Farrar v. The Earl of Winterton, 5 Beav. 1; 13 Sim. 569). If, however, the contract is such as a Court of Equity would not enforce, the estate would pass to the devisee or the heir at law. (Sug. Conc. V. & P. 132). Stamps on agreements. Time within which agree ment must be stamped. Stamp on purchase of at auction. An agreement cannot be offered in evidence unless it is duly stamped. If the subject matter is not of the value of 201. no stamp is required, but in other cases the agreement must be stamped with a 2s. 6d., with followers of 2s. 6d. for every 1080 words after and above the first 1080 words. But no progressive duty is payable in respect of an agreement which consists of a number of letters. An agreement must be stamped within fourteen days after it has been signed. If not carried to be stamped within that time a penalty of 10l. will be payable. (7 Vict. c. 21. s. 5.) A purchaser of several lots at an auction is conseveral lots sidered to have entered into an equal number of agreements for the purchase of the same lots, so that the agreement must bear as many stamps as there are lots, assuming that the purchase money for each lot exceeds 201. (James v. Shore, 1 Stark. N. P. C. 426; Watling v. Horwood, 12 Jur. 48). But the value of the lots must be taken separately, so that if the purchase money for no single lot exceed 201., the agreement would not be chargeable with any stamp. If the agreement consists of several letters it is sufficient to stamp one. (55 Geo. 3. c. 184. Stead v. Liddard, 1 Bing. 196). No. VIII. AGREEMENT for the SALE of FREEHOLD HOUSE and FOR SALE OF ARTICLES of AGREEMENT, made and entered into this FREEHOLD HOUSE AND FIXTURES. part. by vendor to purchaser to &c., and fix. day of —, BETWEEN A. B. of &c. [vendor] of the one Partics. part, and C. D. of &c. [purchaser] of the other part. THE Witnessing said A. B. and C. D. do hereby respectively for themselves, their respective heirs, executors and administrators, agree with each other, THAT the said A. B. shall sell to the said C. D., Agreement and the said C. D. shall purchase, ALL THAT freehold messuage sell, and by or tenement, &c. [parcels], with their appurtenances, and the purchase. fee simple and inheritance thereof in possession, free from all incumbrances, and also certain fixtures in or about the said Messuages, messuage or tenement specified in the schedule hereto, to tures. which the said A. B. is absolutely entitled, for the price or sum of -7., to be paid by the said C. D. unto the said A. B. as follows, that is to say, the sum of -l., part thereof, imme- Time for paydiately after the signature of these presents, and the sum of -., being the residue of the said purchase money, on the day of next, at the office of Mr. at which time and place the purchase is to be completed, and the said C. D. shall on and from that day have actual possession of the said premises, all outgoings up to that time being discharged by the said A. B. THAT the said A. B. shall, on or before the Delivery of ment of purchase money. abstract. chase money. (a) Where a contract is entered into for the sale of a house or Apportionland, and also of property which passes by delivery, at an entire sum, ment of purthe consideration may afterwards be apportioned for the moveable property; but if it is intended that the moveable chattels, not being goods, wares and merchandize, within the exemption of the Stamp Act, shall not be assigned by deed, and that the ad valorem duty shall not be paid on this portion of the property, the deed should carefully avoid reciting that the chattels had been sold and delivered to the purchaser, or making any other mention of the chattels, as it has been decided that any instrument which amounts to a record of the sale of moveable chattels is a sale within the meaning of the Stamp Act, so as to require the deed to be stamped with an ad valorem on the consideration. Horsfall v. Hey, 2 Exch. 778. FOR SALF OF HOUSE AND livery of ob jections. day of deliver or cause to be delivered to the said FREEHOLD C. D., or his solicitor, an abstract of the title of him the said FIXTURES. A. B. to the freehold messuage or tenement and premises; and Time for de- that all objections and requisitions in respect of such title shall be made by the said C. D., and sent by him to the said office of the said Mr. within days from the delivery of the abstract; and all objections or requisitions which shall not be made within such time as aforesaid shall be considered to be waived. That the production and inspection of any deeds or other documents not in the possession of the said A. B., and the procuring and making of all certificates, attested, office or other copies of or extracts from any deeds, wills or other documents, and of all declarations or other evidences whatsoever, not in his possession, which may be required, whether for the purpose of verifying the abstract or otherwise, shall be at the expense of the said C. D. THAT all recitals and statements contained in any deeds, wills or other instruments of title, dated twenty years or upwards prior to the date of these presents, shall be deemed conclusive evidence of the facts and matters therein Conveyance recited or stated. THAT on payment of the said sum of and assign ment at expense of purchaser. —l., being the residue of the said purchase money, at the time specified for the payment thereof as aforesaid, the said A. B. and all other necessary parties (if any) shall execute a proper conveyance of the said freehold messuage and hereditaments, with their appurtenances, and the fee simple and inheritance thereof in possession, free from incumbrances, unto the said . C. D., his heirs and assigns, or as he or they shall direct, and shall assign or deliver over unto the said C. D. all and singular the said fixtures in or about the said messuage or tenement, which are specified in the said schedule hereto; and that such conveyance and assignment shall be prepared by and at the expense of the said C. D., and shall be left by him, on the said day of, at the said office of Mr. —, for execution by the said A. B. THAT if from any cause whatever the said purchase shall not be completed on the said --- day of next, the said C. D. shall pay interest at the rate of 51. per cent. per annum on the residue of the purchase money from that day until the completion of the purchase, and shall from Errors in the the same day have actual possession of the premises. AND Interest on purchase money. description. |